Area Development
Two projects in New York will bring more than $17 million in investments and 420 new jobs. The Buffalo News reports that Dresser-Rand, a supplier of energy conversion technology to oil companies, will invest $14.8 million to build a new headquarters and R&D facility at its existing site in Olean, approximately 60 miles south of Buffalo. The company will create 120 new jobs and retain 552 existing positions with the project, which will involve construction of an 86,000-square-foot facility on 11 acres. The state is providing a $2 million grant for the project. In Amherst, also near Buffalo, GEICO Insurance Agency will invest $2.4 million to open a new operations facility, according to the New York governor's office. The company plans to create approximately 300 new jobs over the next three years. "Opening this new operation in western New York is a great opportunity for us," says John Zinno, a vice president at GEICO, which is a wholly owned subsidiary of Berkshire Hathaway, Inc. "This will allow us to expand our business by tapping into the talented work force in western New York." The state will provide GEICO with tax credits estimated at $1.5 million over five years; the company will also receive sales tax exemption from local agencies, reduced electric power rates, and job training assistance.